Reykjavík, Iceland-based seafood company Brim has entered into an agreement to purchase shares in Polar Seafood Denmark from private companies held by Helge Nielsen, Bent Norman Petersen, and Louise Schov Petersen.
The DKK 245 million (USD 32.5 million, EUR 32.9 million) purchase is being made through a newly-established Danish holding company 100 percent owned by Brim. Brim has also subscribed for new shares in Polar Seafood Denmark for the sum of DKK 380 million (USD 50.4 million, EUR 51.1 million), bringing the total purchase price to DKK 625 million (USD 82.9 million, EUR 84 million). On completion of the transaction, Brim will own 50 percent of Polar Seafood Denmark, with the remaining shares in the company owned by Polar Seafood Greenland.
“Polar Seafood Denmark is a well-known company with a long history in the sale of seafood from the North Atlantic Ocean,” Brim CEO Guðmundur Kristjánsson said. “Its operations are solid, and the staff has extensive experience in serving the global seafood markets. Partnering with Polar Seafood Denmark is a positive development and will strengthen our sales network of seafood from the North Atlantic Ocean.”
The agreement is subject to customary conditions for transactions of this kind, such as approval from national competition authorities.
PSD sells, processes, and exports wild-caught seafood from the North Atlantic Ocean. Its annual turnover in 2021 was almost DKK 3.8 billion (USD 503.9 million, EUR 510.9 million), while its profit after tax was DKK 229 million (USD 30.4 million, EUR 30.8 million).
Following the sale of shares, Helge Nielsen will retire as Polar Seafood Denmark’s managing director, with Polar Seafood Greenland Chairman Henrik Leth replacing him in the position.
“Brim is an ideal partner and I look forward to developing our cooperation. Polar Seafood has a strong sales network which will complement Brim´s established sales network, especially in Southeast Asia, “Leth said. “We are equal partners, and we share the same experience and values.”
Photo courtesy of WikiMedia Commons
